Ann: Chairman's Address to Shareholders, page-3

Did you actually read the chairmans statement? He acknowledged just this issue:-

"It is important for shareholders to understand that the Board has considered and will continue toconsider capital management initiatives as milestones from partners are received.  While weappreciate there exist a range of opinions amongst shareholders as to the appropriate balance ofinvestment in our pipeline and capital management initiatives associated with partner milestonepayments, to date the Board has considered the current higher level investment in drug discovery tobe the important priority.  We believe a significant number of shareholders share this view.  While itis not useful to predetermine future decisions, as partnering revenues hopefully grow and researchexpenditures normalize, I expect there will be capacity for both capital management initiatives andfurther investment in research."

At this time they are focused on commercialising their discovery products as fast as possible. They could always do  that faster, but that is I believe the right strategy.